Multiple climate disasters trigger first ever Red Cross disaster insurance pay-out ...Middle East

GENEVA: The world was hit by so many floods and landslides in 2024 that it triggered the aid sector’s first multi-disaster insurance pay-out, the Red Cross told Reuters, signalling both the scale of the problem and the need for new financing solutions.The International Federation of the Red Cross and Red Crescent Societies (IFRC) said such indemnity insurance funds, which kick in when repeated disasters reach a minimum cost threshold, can protect relief budgets increasingly strained by frequent and severe climate-fuelled hazards.The IFRC policy with insurance broker Aon is the first of its kind for the aid sector. It was triggered in mid-September by the deadly Asian Typhoon Yagi, which tipp

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